The Ripple is on a roll. Not a day passes when we don’t hear any significant news related to the Ripple or its native cryptocurrency XRP. At present, there are a total of 12 organizations which have shown their interest in using the xRapid payment solution developed by Ripple. What’s more, some of the firms have already started implementing xRapid.
xRapid: Growing Clout
Among the significant names that are showing interest in xRapis are the Bittrex and Bitstamp cryptocurrency exchanges. These exchanges have decided to use xRapid for improving their payment processing between the US to Philippine and Mexico. The adoption of xRapid by these crypto exchanges is not a one-off instance as this development is sure to pave the way for xRapid’s adoption by other exchanges in future.
Even before the crypto exchanges agreed to use xRapid, many organizations providing cross-border payments services including the likes of corporate Federal Credit Union, Mercury FX, and Caullix had already adopted Ripple’s technology. These organizations have found xRapid quite effective in reducing the payment transfer time in their cross-border transactions. In addition to the organizations mentioned above, four other firms namely SBI Virtual currencies, IDT, Viamericas, and SendFriend had announced that they would be integrating xRapid in their platforms as and when they deem the time ripe to do so.
Benefits of xRapid
So that you know, xRapid was launched officially at Ripple’s Swell conference on October 1, 2018. It is aimed to enhance the rate of fund transfers around the globe using Ripple’s cryptocurrency XRP, and when compared to other traditional methods like Western Union and Bank wire, xRapid is very cost effective and offers the transfer solutions at a very cheap rate. It’s important to note that even during the Bear phase of the market, Ripple’s XRP maintained its position and remained largely steady amidst tumultuous conditions. XRP also displaced Ethereum from the second spot in terms of market capitalization during the period of high volatility last year; however, on January 2, 2019, Ethereum sped past XRP to reclaim its second spot on the list of top 10 cryptocurrencies by market cap.